FTC Solar (FTCI)
NASDAQ:FTCI
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FTC Solar
(NASDAQ:FTCI)
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Rating:46Neutral
Price Target:
$4.50
▲(27.12% Upside)
Action:ReiteratedDate:04/15/26
The score is held down primarily by weak financial performance (large losses, persistent cash burn, and negative equity). Technicals also remain broadly bearish versus key moving averages. Offsetting factors come from the earnings call, which points to improving operational momentum and a sizable backlog, but near-term guidance and financing/covenant risks keep the overall score in the mid-range.
Positive Factors
Large Contracted Backlog
A $491M contracted backlog provides multi-period revenue visibility and a tangible pipeline that can drive durable top-line growth as projects convert. Backlog underpins capacity planning, justifies manufacturing scale and sales investment, and supports longer-term revenue recovery if conversion executes.
Negative Factors
Negative Stockholders' Equity
Negative equity signals accumulated losses and materially reduced financial flexibility. It limits borrowing capacity, raises insolvency concerns under stress, and typically forces reliance on equity or covenanted financing to fund operations unless profitability and retained earnings recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Large Contracted Backlog
A $491M contracted backlog provides multi-period revenue visibility and a tangible pipeline that can drive durable top-line growth as projects convert. Backlog underpins capacity planning, justifies manufacturing scale and sales investment, and supports longer-term revenue recovery if conversion executes.
Read all positive factors
FTC Solar (FTCI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$55.17M
Dividend YieldN/A
Average Volume (3M)177.46K
Price to Earnings (P/E)―
Beta (1Y)2.46
Revenue Growth39.53%
EPS Growth-7.16%
CountryUS
Employees202
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-2.23
Shares Outstanding15,585,198
10 Day Avg. Volume153,193
30 Day Avg. Volume177,464
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)-3.79
Price to Sales (P/S)1.53
P/FCF Ratio-4.42
Enterprise Value/Market Cap1.28
Enterprise Value/Revenue0.71
Enterprise Value/Gross Profit62.47
Enterprise Value/Ebitda-1.41
Forecast
1Y Price Target
$11.00Price Target Upside210.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.58
Revenue Forecast (FY)$161.68M
FTC Solar Business Overview & Revenue Model
Company Description
FTC Solar, Inc. provides solar tracker systems, technology, software, and engineering services in the United States, Vietnam, and internationally. It offers two-panel in-portrait single-axis tracker solutions under the Voyager brand name. The comp...
How the Company Makes Money
FTC Solar primarily makes money by selling solar tracker systems for utility-scale PV projects. Its revenue is mainly generated from (1) product sales of tracker structures and mechanical/electrical components (e.g., tracker rows, drive mechanisms...
FTC Solar Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presents strong commercial and operational momentum — double-digit sequential and triple-digit year-over-year revenue growth, materially improved gross margins, near-breakeven adjusted EBITDA, sizeable MSAs/backlog additions, and expanded relationships with top EPCs. Near-term challenges include GAAP losses driven by warrant accounting, a technical credit covenant issue, tariff/regulatory headwinds, and Q1 2026 guidance that implies continued operating losses and seasonality. On balance, the positives around growth, margin improvement, bookings momentum, and product differentiation outweigh the near-term financial and timing risks, supporting a constructive outlook for 2026 if MSAs convert as expected.Positive Updates
Strong Q4 Revenue Growth
Q4 revenue of $32.9M, above guidance midpoint, up 26% sequential and up 149% year-over-year; highest quarterly revenue since 2023.
Negative Updates
Material GAAP Net Losses Driven by Warrant Accounting
Q4 GAAP net loss of $33.7M (or $2.23/sh) driven largely by a noncash $26M increase in the fair value of warrant liability due to share-price appreciation; FY2025 GAAP net loss was $76.9M versus $48.0M in 2024.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 Revenue Growth
Q4 revenue of $32.9M, above guidance midpoint, up 26% sequential and up 149% year-over-year; highest quarterly revenue since 2023.
Read all positive updates
Company Guidance
FTC Solar guided Q1 2026 revenue of $20.0–$25.0 million, non‑GAAP gross profit of negative $0.5 million to $2.3 million (approximately negative 2.5% to 9.2% of revenue), non‑GAAP operating expenses of $8.2–$8.9 million, and an adjusted EBITDA loss of $9.6–$5.9 million; for full‑year 2026 management said it expects to grow faster than the industry with results weighted to the back half of the year as MSAs and order timing drive bookings conversion (the company finished 2025 with a $491 million contracted backlog, added roughly $61 million to backlog since November 12 — about $29 million net of Q4 revenue — and reported strong Q4 momentum).FTC Solar Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
22
Negative
Cash Flow
15
Very Negative
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 99.69M | 47.35M | 127.00M | 123.07M | 270.52M |
| Gross Profit | 1.13M | -12.59M | 8.31M | -27.23M | -32.55M |
| EBITDA | -32.14M | -46.39M | -49.00M | -97.30M | -105.37M |
| Net Income | -76.92M | -48.61M | -50.29M | -99.61M | -106.59M |
Balance Sheet | |||||
| Total Assets | 111.81M | 89.93M | 123.07M | 134.40M | 243.02M |
| Cash, Cash Equivalents and Short-Term Investments | 21.11M | 11.25M | 25.23M | 44.38M | 102.19M |
| Total Debt | 33.88M | 10.63M | 1.86M | 1.20M | 1.79M |
| Total Liabilities | 152.11M | 70.89M | 60.60M | 67.95M | 100.15M |
| Stockholders Equity | -40.30M | 19.04M | 62.47M | 66.45M | 142.87M |
Cash Flow | |||||
| Free Cash Flow | -34.57M | -36.34M | -53.47M | -55.49M | -133.88M |
| Operating Cash Flow | -33.44M | -34.70M | -52.66M | -54.51M | -132.85M |
| Investing Cash Flow | 2.80M | 6.26M | -397.00K | -4.25M | 21.31M |
| Financing Cash Flow | 40.40M | 14.50M | 33.95M | 903.00K | 180.37M |
FTC Solar Technical Analysis
Neutral
3.54
Price Trends
6.24
Negative
8.39
Negative
7.58
Negative
Market Momentum
-0.67
Negative
46.09
Neutral
42.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTCI, the sentiment is Neutral. The current price of 3.54 is below the 20-day moving average (MA) of 4.10, below the 50-day MA of 6.24, and below the 200-day MA of 7.58, indicating a neutral trend. The MACD of -0.67 indicates Negative momentum. The RSI at 46.09 is Neutral, neither overbought nor oversold. The STOCH value of 42.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FTCI.
FTC Solar Risk Analysis
FTC Solar disclosed 1 risk factors in its most recent earnings report. FTC Solar reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
FTC Solar Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $274.44M | -47.72 | -16.66% | ― | 97.41% | 11.83% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
51 Neutral | $31.49M | -0.93 | -80.33% | ― | -54.56% | -133.60% | |
50 Neutral | $143.45M | -4.23 | ― | ― | 657.27% | ― | |
46 Neutral | $55.17M | -1.22 | 1044.27% | ― | 39.53% | -7.16% | |
42 Neutral | $25.35M | -0.39 | 54.21% | ― | -54.68% | 63.56% |
* Technology Sector Average
FTCI
FTC Solar
4.39
1.76
66.92%
BEEM
Beam Global
1.50
0.06
4.17%
MAXN
Maxeon Solar Technologies
1.54
-1.26
-45.00%
SPWR
SunPower Inc
1.23
-0.59
-32.42%
TYGO
Tigo Energy
3.82
3.08
416.22%
FTC Solar Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
FTC Solar Amends Credit Agreement to Ease Near-Term Pressure
Neutral
Mar 24, 2026
FTC Solar, Inc., a solar energy company reliant on credit facilities to support its operations, had reclassified its $19.9 million term loan as current debt after breaching a purchase order-related covenant under its July 2, 2025 credit agreement ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.